Katz, Lenfest take Philly Inquirer company

5/27/14 11:28 AM EDT

Lewis Katz and H.F. "Gerry" Lenfest won control over The Philadelphia Inquirer and its parent company, Interstate General Media Holdings, after more than a year of turmoil, which ended in bidding war on Tuesday.

Katz and Lenfest bid $88 million for IGM, which owns the Inquirer, Philadelphia Daily News, three websites and a printing plant. The company was formed two years ago along with George E. Norcross III, Joseph Buckelew and William Hankowsk, but disputes over how how to run the company led to sharp disagreements. Norcross is often called one of the most powerful Democratic political figures in New Jersey, the kind of person everyone, including Gov. Chris Christie, would need on their side. At a fundraiser in March, Norcross joked to Christie that he's the only one who can close down bridges in New Jersey, a referense to the George Washington Bridge scandal that's embroiled Christie in the last few months.

“I’m the one who’s able to shut down the bridge," Norcross said.

“Although we declined to submit a higher bid and will not purchase the shares of Interstate General Media owned by Messers. Katz and Lenfest, we are happy for the company’s employees, readers and advertisers that this issue is now resolved. It is time to return the company’s focus to journalism, and away from conflict among its owners," Norcross, Buckelew and Hankowsk said in a statement.

IGM has had a rocky history over the past few years. The company was bought and sold twice in 2006, went through a bankruptcy and has had two groups of local owners, in between ownership by a group of hedge funds.